Connect with us

Blogs

How the Recent Updates Will Impact the Future of Stellar Lumens (XLM)

Published

on

XLM
READ LATER - DOWNLOAD THIS POST AS PDF

Stellar Lumens (XLM) began its journey as a legitimate cryptocurrency in 2014. It was introduced as an open source protocol for value exchange to the traders. The past few years were not very fructuous for this coin as the price trend was generally downward due to the overwhelming influence of Bitcoin. However, the scenario started to change from the beginning of 2018 when Bitcoin’s price plummeted unprecedentedly and a significant number of traders started to have doubts about its stability. Stellar Lumens reached its apotheosis on January the 4th of this year when its market cap crossed the 15 billion USD mark. Since then, this coin has been performing reasonably well although it has been unable to reach the magic figure once again.

Very recently, the XLM development team has taken a few initiatives in order to make this cryptocurrency protocol more efficient and advantageous to its users. Here, some of its most recent updates would be discussed in order to depict a picture of their probable impact on XLM’s future.

The USD Anchor Network Progress and Launching of SDEX:

According to the news revealed by the Reddit community of this currency, the XLM Stronghold is about to launch the first USD anchor in the blockchain system. The Stronghold exchange is dependent on the Stellar Networks designed to be intrinsic in the protocol as well as in the decentralized mechanism. Since the inception of Stellar Lumens in 2014, the Stronghold exchange platform has been supporting this coin and this event of launching a USD anchor would not be an exception as well. Once the launching is completed, the XLM holders would be able to deposit and withdraw USD from the aforementioned anchor rather easily unlike the coin swap mechanism of other coins. This USD anchor, combined with inexpensive transaction system of this platform, is likely to facilitate a swift exchange with various other assets.

Besides launching the USD anchor, the Stellar Development Platform (SDF) is also about to launch their own decentralized exchange named Stellar Decentralised Exchange or SDEX. Both of these upgrades are likely to be completed shortly.

Negotiations to Purchase Chain:

The Stellar team is currently negotiating in order to purchase Chain, a reputed firm based in the San Francisco area that predominantly focuses on the blockchain technology. This firm is well-known in the crypto-world for designing the Sequence platform which is basically a ledger capable of securely tracking and transferring balances in a token format. If the XLM team becomes able to secure this deal after negotiation, Sequence would make Stellar’s blockchain system accessible to the software development enthusiast. As an obvious ramification, the platform focus would shift from ledger infrastructure to product scaling.

If the deal goes through successfully, the mode of payment would manifestly be XLM, the default currency of Stellar Lumens platform. As a result, the usability of this currency as a legitimate medium of payment and transaction would be promulgated to myriads of traders across the world. The Stellar platform has already been able to raise a significant amount of money (over 43 million USD), majorly because of the support from organizations like Citi Ventures, VISA, NASDAQ, and many others. The Stellar team has also announced giving away a total of $500 worth of XLM coins once this deal is closed which would certainly augment its circulation and popularity further.

Other Notable Upgrades:

This cryptocurrency has been engaged in several lucrative partnerships over the past few months and awaiting profitable outcomes from them. For example, in May 2018, IBM strongly indicated the fact that they have been working on a brand new cryptocurrency based on the blockchain ecosystem of Stellar Lumens. Also, Kik, a familiar name in the messaging and chat sector has also mentioned their interest in designing a cryptocurrency based on the same platform.

On June 22 of this year, a reputed Philippines based bank RCBC opted for Stellar instead of Ripple as a medium of transaction. Also, XLM is one among the top seven cryptocurrencies that are expected to be legalized in Thailand shortly.

Current Condition of Stellar:

As of 26th June 2018, Stellar Lumens holds the seventh position on the Coinmarketcap with a commendable market capitalization of circa 3.6 billion USD along with a price equivalent to nearly $0.19. Despite the universal downward trend in the cryptocurrency market, XLM has managed to exhibit some resilience in its price.

Final Thoughts:

Owing to the volatility of the cryptocurrency market, it is nearly impossible to predict the future of a coin accurately. According to many speculators, the price of Stellar is likely to dip a bit because of the $500 giveaway once this Chain purchase deal is done. However, after that sudden dip, the price is likely to go upward again rather expeditiously because of the new developments. Keeping these new upgrades in mind, it can be inferred that traders can still put their trust on this coin in 2018.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite